Weakness on HOOD stock
Robinhood Markets, Inc. (NASDAQ: HOOD) shares appear to have sold off after publishing its February 12th earnings report. Following the report's good news, the market gapped up on opening and triggered a buying surge, allowing professionals to sell. The next day, the price recovered on a significantly lower volume, indicating absence of the professional interest on the upside (weakness). Then, on February 18th, another selling took place, which absorbed the remaining demand and pushed the price below the low of the gapped-up bar. This is bearish behaviour.
It has to be noted that there were a few more selling activities in December 2024/January 2025 (red rectangles), making the overall situation on the stock even weaker.
Despite the serious weakness, we may still see a retracement up into the $62.09 - $65.21 area for either more selling or retesting of demand, after which a move down to the $41.04-$42.66 zone could be expected. In this case, the support might reappear around the $52.96 level and at the $49.56 - $50.19 area.
It has to be noted that there were a few more selling activities in December 2024/January 2025 (red rectangles), making the overall situation on the stock even weaker.
Despite the serious weakness, we may still see a retracement up into the $62.09 - $65.21 area for either more selling or retesting of demand, after which a move down to the $41.04-$42.66 zone could be expected. In this case, the support might reappear around the $52.96 level and at the $49.56 - $50.19 area.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.